Financial Safety Platform Carefull Raises $16.5 Million Financial Safety Platform Carefull Raises $16.5 Million
Carefull computer and app screenshots

Financial Safety Platform Carefull Raises $16.5 Million

A service that helps protect consumers from scams and other financial mistakes has raised a new round of funds.

About the round:

This week, Carefull announced that it had closed a $16.5 million round. The Series A was led by Fin Capital with participation from Bessemer Venture Partners, TTV Capital, Commerce Ventures, Montage Ventures, and Alloy Labs. To date, the company has now raised a total of $19.7 million.

About Carefull:

Carefull is a service that helps banks and financial advisors protect elderly consumers from money scams. The AI-powered platform can scan customer accounts and look for more than 50 different financial and behavioral issues. This includes flagging unusual account activity and suspicious patterns. Additionally, the platform features identity theft insurance, a digital vault for documents and passwords, a Trusted Contacts system, and more.

What they’re saying:

Pointing out the need for Carefull, the company’s co-founder and co-CEO Todd Rovak noted, “There are now 45 million people across the country who are tasked with managing an aging loved one’s money, and older Americans lose $37 billion annually to fraud and money mistakes. The growing role of the financial institution to help families here cannot be understated.”

Carefull’s other co-founder and co-CEO Max Goldman added, “Banks, wealth advisors, and financial caregivers need a solution that customers actually want to use, Our approach of empowering and including the financial institution has led to tremendous growth over the past four years, so this new infusion of capital will help us reach even more aging Americans and their families.”

Meanwhile, Fin Capital General Partner Christian Ostberg said of the firm’s investment, “Carefull has emerged as an instrumental solution for financial caregivers and banks alike, and we’re proud to support the company through the next phase of their growth… Carefull’s full-stack financial safety suite is a critical step in solving many of the acute issues in the category, and we’re excited about where the team is headed.”

My thoughts:

Considering how common financial scams targeting the elderly are, any efforts made to help curb these heartbreaking events are definitely a win in my book. Thus, it makes total sense to me that Carefull is finding success with its platform and attracting investors.

I do want to point out that, based on the screenshots on their site, Carefull does seem to bear a similarity to Aura — down to the $1 million in identity theft insurance that’s provided as part of the service. As far as I can tell, the two companies have no relation, but I thought this was interesting nonetheless.

In any case, here’s hoping that this Series A will help Carefull grow its platform and help protect more people as a result.


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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